Covenant Review

Percentage of Loans that Cleared the Market with Uncapped Synergies and Cost Savings EBITDA Addback

Average Free-and-Clear Tranche as a Multiple of PF EBITDA

Average Total Leverage (Adjusted vs. Nonadjusted EBITDA)

Contact: Steven Miller smiller@covenantreview.com

LBO Deals: Average Restricted Payments as a Percentage of Initial Capital Contribution.

Contact: Steven Miller smiller@covenantreview.com

RP Builder Basket By Type & Rating, YTD

Builder Basket Trigger, for Loans Using Total Leverage (Average)

Synergies & Cost Savings EBITDA Addback

Industry Average (YTD): Free & Clear Incremental Tranche / EBITDA Contact: Steven Miller smiller@covenantreview.com